Celsis International PLC (CEL.L) Annual General Meeting And Interim Management Statement
7/21/2009 12:25:44 PM
21 July 2009: Celsis International plc, the international life sciences products and laboratory services company, will today hold its Annual General Meeting and provide its Interim Management Statement. Dr Jack Rowell, Non-Executive Chairman of Celsis, will make the following comments:
“The year ended 31 March 2009 was another successful year for Celsis. We reported strong profit growth in what has been a challenging economic environment, with operating profit increasing 17.9% to $13.2 million while sustaining revenues at $52.5 million. We have again demonstrated the strength of our business model by successfully streamlining our product and laboratory services offerings to meet the growing needs of our pharmaceutical and consumer product customer base, while considerably improving the profitability of our continuing business.
“The Rapid Detection business, which provides testing systems to more rapidly detect microbial contamination, had a slow start to the quarter, but has regained momentum in June with strong instrument sales. However, trading results year-to-date are behind last year. This division continues to address the market demand for rapid microbial testing in the pharmaceutical and consumer product industries, while amplifying new market opportunities with its latest Celsis ReACTTM technology.
“The Analytical Services business, which provides outsourced laboratory testing services, has seen sustained trading in the first quarter. With the newly structured management and business development teams established, we remain confident in the resilience of this increasingly efficient, customer focused business.
“The In Vitro Technologies business, which provides products to help reduce the time and cost of the drug discovery and development process, has experienced a slow down in trading, particularly in Europe, and is significantly behind last year as the pharmaceutical industry continues to realign itself following recent consolidations and R&D spending reductions. We expect this business to benefit from the newly expanded international distribution agreements during this fiscal year.
“Despite a challenging first quarter, we are confident that the Group is well positioned in the current economic environment to benefit from disciplined investment in product innovation as well as targeted sales and marketing.
“I would like to conclude by thanking our new and existing shareholders for their continued support and confidence in Celsis.”